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Clermont Fire 08-26-2020 Quarterly Meeting Minutes signedCity mnnl Minute Minutes lJ u iS U CLERMONT FIREFIGHTERS' PENSION BOARD OF TRUSTEES PENSION BOARD MEETING p,yrela August 26, 2020 By The Firefighters Retirement Plan Board of Trustees met on Wednesday, August 26. 2020 via RintiCenlral Virtual Meeting as permitted by Governor Ron DeSantis Executive Order 2020-69. Firefighter Board Members present: Ryan Moore, Judy Proli, Judd Lent, Adam Watkins, and John Rhames. Attorney Bonni Jensen was present. Burgess Chambers & Associates member present: Larry Cole and Mitchel Brennan. Staff members present: Finance Director Pam Brosonski, and Human Resources Director Nadine Ohlinger. The Resource Canters staff members present: Scott Baur and A.C. Lovingood. CALL TO ORDER The Board Meeting was called to order at 11:07 AM PUBLIC COMMENT There were no public comments. AGENDA MODIFICATIONS The Board reviewed the Agenda and no modifications were requested MINUTES The Minutes from the May 27, 2020 Board Meeting were presented to the Board for review. New job titles were noted and requested to be updated in the minutes Trust" Judd Lent made a motion to approve the Quarterly Board Meeting Minutes dated February 26, 2020 as presented. Trustee Ryan Moore seconded the motion. The motion passed 5-0. REPORTS Investment Monitor Report— Larry Cole and Mitchel Brennan, Burgess Chambers & Associates Lary Cole started his presentation by reviewing the Quarterly Market Summary, noting that since June 30, 2020, the market is up an additional 11%. The Policy Compliance was then reviewed with the Board and it was noted that the Plan was in compliance for the quarter. As of June 30, 2020, the plan was up 14.3%gross of fees vs. the Target Index of 13.8%. For the Fiscal Year to Date, the plan is at 5.1%compared to the benchmark of 5.5%. The one-year trailing returns were 6.0%, compared to the benchmark of 6.5%. The three-year trailing returns were 7.7% compared to the benchmark or 7.6%, and the five-year trailing returns were 7.1% compared to the benchmark of 7.4%. As of August 26, 2020, the plan is up 13-13.5% Fiscal -Year -To -Dace, with a current value of $23,710,905, which is up from 21,913,828. The Plan is now invested in the Vanguard Fund and is up 2.6%since inception. ATTORNEY REPORT — Bonni Jensen, Klausner, Kaufman, Jensen, & Levinson Ordinance Restatement and Overtime Reporting Issue — Mrs. Jensen reviewed the Ordinance Restatement with the Board. The Board, Mrs. Jensen. and Mr. Baur had a lengthy discussion regarding various portions of the Ordinance Restatement that were updated. Mr. Bour then reviewed the overtime payment issue with the Board and informed the Board that the Slate of Florida has responded with a potential way to correct out this issue. Mrs. Jensen informed the Board that the State of Florida is willing to accept the Pension Plan enacting the 300-hour overtime cap as of October I. 2019. There was a lengthy discussion regarding the various impacts of the overtime reporting and the best mule to take on correcting out the issue. Chairman Judd Lent noted that he would like for the adjustment date to take effect on October I, 2019 due to the number of retirees that the reporting error affects. Secretary Ryan Moore made a motion to correct the overtime reporting as of October 1, 2019. Trustee Judy Proli seconded the motion. The motion passed 4-0. Mrs. Jensen then reviewed the Ordinance Restatement and addressed several clarifications that Nadine Ohlinger had on the verbiage. Mrs. Jensen then reviewed the change that he will make with regards to the effective date for the 300-hour cap on overtime within the restatement. Secretary Ryan Moore made a motion to accept the Ordinance Restatement as Amended. Trustee Judy Proli seconded the motion. The motion passed 4-0. Memo — Extension of Virtual Meetings — Mrs. Jensen informed the Board that the ability to hold Public Meeting Virtually has been extended until October I, 2020. 2019 GASB 57158 Supplement — Mrs. Jensen reviewed the GASB 57 and GASB 68 from 2019 with the Board. There was a lengthy discussion regarding the Plan's Valuation Report and changing the report to the Projection Method in addition to having the Valuation done annually. Secretary Ryan Moore made a motion to change the Valuation to an Annual Valuation Report and switch to the Projection Method starting with the October 1, 2020 Valuation. Chairman Judd Lent seconded the motion. The motion passed 4-0. ADMINISTRATOR REPORT — Scott Baur and A.C. Lovingood. Resource Centers 2019 Ch 175 Premium Tax Allocation — Mr. Baur presented the Board with 2019 Chapter 175 Premium Tax Allocation that the Pension Plan will receive from the State of Florida. Attorney Bonni Jensen then reviewed the Premium Tax Allocation shortfalls that occurred this year with the Board along with an explanation of why these shortfalls occurred. Proposed 2021 Meeting Dates — Mr. Baur presented the Board with the 2021 proposed Quarterly Board Meeting Dates. The Board reviewed the proposed meeting dates and agreed that the dates work for all the Trustees. Secretary Ryan Moore made a motion to approve the 2021 Board Meeting Dates as presented. Trustee Judy Proli seconded the motion. The motion passed 4-0. Pandemic Operations Update — Mr. Baur gave the Board and update on The Resource Centers current operations due to the COVID-19 Pandemic. Mr. Baur informed the Board that his firm is operating normally with the majority of the firm's staff working remotely. Mr. Baur also informed the Board that his firm has implemented the ability for members to meet with the Plan Administrator via RingCentral Video Conference as an additional option when members wish to have a meeting with regards to their Pension and what options that they have. Mr. Baur also informed the Board that his firm is prepared to host future Board Meetings in a blended in -person and video conference setup so that social distancing can be achieved and minimize the number of individuals who come into contact with one another when the Governor stops allowing for the Board to meet Virtually. Member Education Workshops — Mr. Baur asked the Board if they wanted to delay the Member Education Workshops due to the pending changes to the Plan's Ordinance Restatement. Chairman Judd Lent requested that Mr. Baur move forward with the workshops as they are. Mr. Baur then confirmed the dates for the upcoming workshops with the Board. PLAN FINANCIALS Mr. Baur presented the Board with the Balance Sheet dated July 2020 and the Income & Expense Statement dated July 2020 for review. The Warrant dated August 26, 2020 was presented to the Board for review. Trustee Judy Proli made a motion to approve the Warrant dated August 28, 2020. Secretary Ryan Moore seconded the motion. The motion passed 4-0. NEXT OUARTERLV MEETING: Friday. November 20. 2020 an 11:00 AM ADJOURN: With no further comments, this meeting adjourned at 12:33 PM Respectfully submitted,